This had been speculated before, but it's been confirmed that if someone gets banned on Xbox Live, they will have the licenses to all of their Xbox One games revoked:
This means that people will now be extra careful when trying to throw out excessive, derogatory language in Call of Duty!
Edit: Then again, this isn't a true confirmation since it's a nameless Twitter account. It's still the only thing we have to go by right now.
Edit 2: This is looking as though it was just a mistake as user The_Laughing_Man interrogated an Xbox Support account and received the reply that the above was mistakenly referring to the Xbox 360 and not the Xbox One.
(@ 0:49 mark, Major Nelson states that users banned from XBL will not lose access to their games)